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Home ownership dreams now a reality at Clementine

It’s no surprise that more and more Australians are jumping into the property market than ever before, with a favourable combination of low interest rates, government incentives and increased savings helping first home buyers start their journey of home ownership.

What is surprising, however, is that females are leading this charge, with data showing a big increase in property market confidence amongst female millennials. Loan Market data has revealed that home loan applications for Australian single, female first home buyers increased from 15.7 per cent in June 2020 to 22 per cent in June 2021. Bankwest’s recent Home Truths survey also showed 57 per cent of women felt that buying a home was achievable, compared to only 30 per cent in the December 2020 survey.

Single mum of three daughters, Irene, is one such woman, investing in her first home on a lot in Satterley’s Clementine estate in Upper Swan.

Irene revealed she has rented for half her life and was looking to get out of the rental madness.

"I found it is cheaper to build than keep renting. Owning my own home also means I no longer have the stress of rental inspections, and it provides my daughters a sense of security for their future,” she said.

Irene and her daughter, Alex

Irene is building a 4x2 home with B1 Homes and chose Clementine estate as it reminded her of a semi-rural home she left in Queensland.

“I have really enjoyed the opportunity to get involved in the building process, from selecting my home design, to picking out colour schemes and choosing fixtures.

“The girls and I are so excited to move to this lovely area and to have a place we can truly call home,” she said.

While the overall benefits of home ownership are clear, women are often left behind due to gender pay gaps and lower incomes, particularly as women are overrepresented in part time employment. According to ABS’s March 2022 labour force figures, women only accounted for 38.6% of Australians in full time employment.

CoreLogic’s Women and Property: State of Play report released in March 2022 showed the barriers for entry into the property market are significantly greater for women, who are taking on average 12 months longer to save a 20 per cent home deposit than men.

In WA, only 24.5 per cent of properties are owned solely by women compared to 30.1 per cent owned by men, representing a 5.6 per cent difference, the second highest in the country behind Darwin.

With data from the Reserve Bank of Australia suggesting real estate/property makes up 55.6% of household wealth, the figures above highlight a potential for wealth disparity between the genders and a disproportionate opportunity for women to benefit from the wealth gains associated with property ownership.

Home ownership also reduces the likelihood of poverty by retirement age, with only 6 per cent of outright homeowners contributing to poverty rates, compared to 42 per cent of renters over 65, CoreLogic's Women and Property report revealed.

The report does however show that the number of women purchasing a home has slowly risen in the past two years.

“It’s reassuring to see this sentiment changing and to see women and millennials feeling increasingly confident about entering the property market,” said Nigel Satterley, Chief Executive, Satterley.

“Anyone who is currently renting should investigate building their own home. There are some great low deposit loans currently available and in WA we have Keystart low deposit home loans for credit worthy people.”

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